Abstract

The Payment of Interest on Deposits
October 23, 1873 issue

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The article comments on the payment of interest on deposits. The reserves of the national banks out of New York have been so largely held in that city that these New York banks held deposits during most of the year 1872 equal to more than one-fifth of the capital of all these outside banks. In point of fact, by the payment of interest on deposits, the national banks had become sayings-banks for capitalists on a large scale. Unfortunately, they were not protected by those wise rules which prevent an ignorant multitude from making a run on savings-banks for small deposits, and, moreover, their modes of investment were far more dangerous than those employed by the regular savings-banks.

See Also:

INVESTMENTS; BANKS & banking; CAPITAL; PAYMENT; CAPITALISTS & financiers; NEW York (State); UNITED States
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